EQT to Spend $1.1B on Marcellus Drilling in 2014, $145M on Utica
EQT, one of the largest drillers in the Marcellus Shale, released their 2014 “guidance” (what we’ll do next year) update yesterday. And boy oh boy is it a duesy for the Marcellus. EQT says they’ll spend an eye-popping $1.1 billion and drill 186 Marcellus Shale wells in 2014. In the Utica Shale, EQT plans to spend $145 million and drill 21 wells. EQT will actually spend more money to drill in the Upper Devonian Shale layer than the Utica: $155 million to drill 30 wells in the UD.
EQT will spend the vast majority of it’s planned $1.9 billion in capital expenditures in the northeast in 2014. Here’s the update with full details: